Yellen Announces Treasury to Implement Extraordinary Measures on January 21 to Avoid $36 Trillion Debt Ceiling Breach

Jan 17, 2025, 10:01 PM

Outgoing U.S. Treasury Secretary Janet Yellen has announced that the Treasury Department will begin implementing 'extraordinary measures' on January 21 to avoid breaching the statutory debt limit. In a letter to congressional leaders, Yellen stated that these measures are necessary as the U.S. government is set to reach its borrowing limit on that date. The measures include halting investments into certain government funds, such as the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund. Yellen urged Congress to act promptly to increase or suspend the debt ceiling, which currently stands at approximately $36 trillion, to protect the full faith and credit of the United States.